As part of the deal announced Thursday, Houston-based Mattress Firm said that it will also assume certain additional liabilities totaling about $15 million.It plans to continue operating under both the Mattress Firm and Sleep Train brands and will keep privately held Sleep Train's corporate headquarters in Rocklin.

Sleep Train CEO Dale Carlsen will become president and chief strategy officer after the acquisition is complete. He will also become Mattress Firm's vice chairman.

"For our future, it is an incredible opportunity for us to grow," Carlsen told KCRA 3's Mike TeSelle on Thursday.

Carlsen said he also does not foresee any major changes to jobs in the area.

"We are an employee-owned company right now. Our employees benefit huge from this. They own 25 percent of this company. That means they have 25 percent of this deal," Carlsen said.